The European Central Bank cut interest rates on Thursday for the third time this year, saying inflation in the euro zone was increasingly under control while the outlook for the bloc's economy was worsening.

Economists expect the ECB to continue rate cuts, aiming for 2% by mid-2025. Lagarde's focus on downside inflation risks and weak growth signals further easing.

Investors shrugged off recent concerns around chip stocks after Taiwan Semiconductor Manufacturing Co reported a 54 per cent leap in third-quarter profits. The Philadelphia Semiconductor Index — a gauge tracking the industry’s biggest stocks — was up 2.3 per cent.